BW Offshore (BWO) investor relations material

Company overview and market position

• Operates four FPSOs across Africa, Europe, Southeast Asia, and the Americas, with over 40 years of offshore experience and a market cap of $0.9bn as of June 2026.

• Achieved 99.6% commercial uptime over the last 12 months as of Q1 2026.

• Holds a strong position in a robust FPSO market with over 75 identified prospects by 2030.

• Focused on winning one FPSO project every other year and developing 1-2 new floating transition solutions by 2030.

Financial performance and shareholder returns

• Monetized 80% of current market cap from divesting 12 units and BW Energy, generating $708m.

• Returned over 50% of realized proceeds to shareholders as dividends, totaling $379m since 2020.

• Maintains a net consolidated cash position of $167m and available liquidity of $568m as of Q1 2026.

• Distributed 50% of 2025 net profit to shareholders, with a total 2025 distribution of $67m.

Contracted cash flow and project pipeline

• Holds an operating cash flow backlog of ~$2.3bn, with 97% considered firm as of Q1 2026.

• Majority of cash flow comes from investment grade counterparties under long-term contracts.

• BW Opal, one of the largest gas FPSOs, has a 15+10 year contract, expected annual EBITDA of $265-275m, and first gas achieved in Q3 2025.

• Bay du Nord project targets a contract up to 20 years, with estimated reserves over 400 million barrels and first oil expected in 2031.